Motor insurance broadly covers the insurance policies purchased for all kinds of motor vehicles including two-wheelers, three-wheelers, cars, commercial trucks, etc. The main use of motor insurance is to protect a vehicle against various possible eventualities such as accidental damages, thefts, and third-party liability. In India, it is mandatory for all vehicles to have third-party liability motor insurance. Though not mandatory, a comprehensive motor insurance cover will provide complete protection against own vehicle damages, personal injuries, and death.
Motor insurance available in India can be broadly classified into two-wheeler insurance, car insurance, and commercial vehicle insurance. These two types of insurance policies are likely to vary in terms of cost and extent of coverage.
Insurance policies provided to personal vehicles such as cars and two-wheelers form a large chunk of the motor insurance market. In addition to this, insurance policies are also available for commercial vehicles such as large trucks and heavy motor vehicles (HMV).
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This insurance covers accidental damages inflicted to a third-party during an accident. This is a limited cover that does not provide any protection against personal injuries or the damages sustained to one’s own vehicle. In India, it is mandatory for all motor vehicles to have this cover irrespective of their type or model. One of the advantages of this cover is that it is much cheaper than a comprehensive insurance policy. Since the protection offered here is very limited, this cover is not advisable for new vehicles that are high in value..
As the name implies, a comprehensive insurance cover provides complete protection against most kinds of threats. The primary advantage of a comprehensive insurance is that it provides coverage against both third-party liability and own vehicle damages. In addition to accidents, a comprehensive insurance provides protection against theft, damages due to natural calamities, damages incurred due to man-made disasters, personal injuries, etc. If safety and security is your top priority, comprehensive insurance is the best choice for a vehicle.
The benefits provided by such plans outweigh the cost of premiums and the exclusions that are involved. Currently, the life expectancy rate has risen substantially owing to medical advancements. But many people face financial strains or even a lack of finances when it comes to funding their treatment. This results in loans, mortgages and sale of assets just to keep the person alive. This is where a health insurance plan could be a real lifesaver as the cost of hospitalisation, surgeries, treatments, medicines and so on, have risen..
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